I'll just add, that if you've done these types of deals or similar deals before, having accurate and up-to-date financials (aka bookkeeping records) for those previous deals to be able to analyze the numbers would be a great tool to use to make informed decisions about future deals.And, even if you haven't done deals like this before, keeping updated financials for the deal you're doing is going to be huge as you're making decisions throughout the rehab.We call these data-driven decisions.

I can look at the calendar and see exactly what the date will be for each month.

give the tenant notice that you will have the car towed if they don’t remove by xxx date, and make sure you address problems right away instead of avoiding them.

LPs are responsible for sending their equity before close, keeping their banking info up to date in the investor portal, and checking out the quarterly updates. 

Tenant moved out right b4 court date.

They try to steal sensitive information including social security numbers, banking information, birth dates, etc.

Ask about any unforeseen challenges that have come up (there always are, so not all challenges are a red flag), and overall let them know you're an involved LP who likes to be kept up to date on things

You should use a state-specific lease that is clear regarding the start and end dates, the monthly rent, the fees that will be charged (ex. pets) and those that may be charged (ex late fee), the amount of the security deposit, and a clear list of rules associated with the property (no smoking inside is a big one as are rules related to parking).

Think of it like a dating site in that its purpose is to just bring the interested parties together, but if love is to bloom, it will take some work.

In any case, we set up the date and time to speak with an attorney at which point he told me that it would be $149 and asked for my credit card information to complete the appointment.